Gruvaktiebolaget Viscaria (VISC) Q2 2025 earnings summary

Executive summary

• Six new diamond drillholes totaling 7,132 m confirm extension at depth and along strike of the D Zone, supporting resource growth potential near the Viscaria mine in Kiruna, Sweden.

• The report is PERC (2021) compliant, prepared by an independent Competent Person, with effective date August 14, 2025.

• Feasibility Study and resource update in May confirmed increased copper grades, expanded mineral resources, and strong project economics.

• Environmental permit gained legal force in April, enabling transition from planning to implementation of the copper mine project in Kiruna.

• SEK 400 million shareholder loan secured in June to support mine reopening and strategic initiatives.

Financial highlights

• The project is subject to a 0.2% ROM mineral royalty (0.05% to the state, 0.15% to landowners), plus up to 1.0% NSR royalty, capped at $12M for a portion.

• Rehabilitation bond of 344 MSEK required, with 60.6 MSEK already deposited for initial mine drainage and water treatment.

• Net sales were SEK 0.0 million for both Q2 and H1 2025, unchanged from prior periods.

• Q2 2025 profit after tax was SEK -21.7 million (Q2 2024: -12.0 million); H1 2025 profit after tax was SEK -39.5 million (H1 2024: -23.5 million).

• Cash and cash equivalents at June 30, 2025, were SEK 340 million, up from SEK 232 million at year-end 2024.

Outlook and guidance

• Copper prices are currently high and projected to remain strong, supporting renewed economic interest in the project.

• All key mining and environmental permits are in place, with final environmental permit approved in April 2025.

• Cash position of SEK 340 million at end of June 2025 supports ongoing project development.

• Board expects to use up to 60% long-term interest-bearing debt for future mine and plant financing.

• Copper price volatility not expected to impact current preparation phase; long-term demand for responsibly produced copper in the EU remains strong.